Allowed

Idfc Bank Limited v. Talwarkars Club Systems Pvt. Ltd.

DRT29 Dec 2025TA/1410/2022

Case brief

AI extract

What is this about?

This is an ex-parte disposal of an application filed by IDFC First Bank Ltd. for recovery of dues against two defendants who failed to appear. The DRT allowed the application and directed recovery of the principal sum, interest, and costs.

What did the court decide?

Allowed application; directed payment of Rs. 16,36,29,394/- with interest; ordered issuance of recovery certificate.

Idfc Bank Limited versus Talwarkars Club Systems… — Contract and Commercial Disputes | DRT (2025)

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T.A. No. 1410 of 2022

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Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi

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Presiding Officer: Shri Govind Ballabh Sharma

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T.A. No. 1410 of 2022

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IDFC First Bank Ltd. Sood Tower, 4th Floor, East Wing Barakhamba road, New Delhi-110001

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Applicant

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Versus

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M/s Talwalkars Club Systems Pvt. Ltd. 801-813, Mahalaxmi Chambers 22 Bhulabhai Desai Road, Mumbai Maharashtra-200026

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M/s Talwalkars Better Value Fitness Limited (Corporate Guarantor) 801-813, Mahalaxmi Chambers 22 Bhulabhai Desai Road, Mumbai Maharashtra-200026 Defendants

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Present: Ms. Chandani Sadana, Counsel for applicant bank

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Date of Reserve: 15.12.2025

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Date of Pronouncement: 29.12.2025

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FINAL ORDER

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This original application has been filed by the applicant on 26.07.2022 before DRT-III Delhi and then transferred to DRT-I Delhi through Shri Narendra Kumar Tiwari, authorized representative of the applicant bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 as amended upto date along with pendentelite interest against the defendants

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sd-

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T.A. No. 1410 of 2022

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for recovery of a sum of Rs.16,36,29,394/- (Rupees Sixteen Crores Thirty Six Lacs Twenty Nine Thousand Three Hundred Ninety Four only) as on 31.03.2022 together with pendentelite and future interest @12.50% per annum from the date of filing of this application till realization along with costs.

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The brief facts of the case are that at the request of defendant no.1, the applicant bank sanctioned Term Loan Facility for a sum of Rs.12.00 Crores (Rupees Twelve Crores only) on 20.03.2018 @12.50% interest per annum, which was to be repayable in 48 Equated Monthly Installments, against hypothecation of assets and pledge of shares of defendant no.1 owned by defendant no.2. the defendant no.2 stood as Corporate Guarantor for the loan facility sanctioned by applicant bank.

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That in order to avail the term loan facility, the defendants executed Power of Attorney by defendant no.2 to accomplish the purpose of Memorandum of Pledge in full force, Irrevocable Deed of Guarantee, Memorandum of pledge. The defendant no1 executed Deed of Hypothecation, Special Power of Attorney, Demand Promissory note, Undertaking in favour of the applicant bank on 04.04.2018/05.04.2018.

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It has been submitted by the applicant bank that after availing the loan facilities, the defendants failed to comply with the terms and conditions of loan availed. The applicant bank issued letter dated 05.08.2019 to clear the overdue amount of Rs.36,55,866/- but defendant failed to adhere to the terms and conditions of sanction. Ultimately, the applicant bank classified the account as NPA on 29.09.2019 as per RBI guidelines and issued loan recall notice dated 14.10.2019. The applicant bank issued notice of invocation of guarantee dated 13.02.2020 to

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T.A. No. 1410 of 2022

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defendant no.2 but the defendants failed to clear entire dues of applicant bank, hence, the applicant bank has approached this tribunal for recovery of its dues.

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Notices of this O.A. were issued to the defendants and despite proper service, the defendants have chosen to absent from the proceedings. As per order dated 28.07.2025, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Narendra Kumar Tiwari, authorized representative of the applicant who has proved the documents Affidavit in Evidence, Certificate of Incorporation, Letter of Authority, Sanction Letter, Loan Agreement, Power of Attorney, Deed of Hypothecation, Irrevocable Deed of Guarantee, Memorandum of Pledge, Demand Promissory Note, Undertaking, Demand Notice, Loan Recall Notice, Notice of Invocation of Guarantee, Statement of Accounts, Certificate under Section 2A of Banker's Books Evidence Act marked as Ex.AW-1/1 to Ex.AW-1/16.

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The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly proved.

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The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

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5d-

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T.A. No. 1410 of 2022

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In the light of the above discussions, the Original Application deserves to be allowed.

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ORDER

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I, allow this OA and direct the defendants to pay to the applicant bank within 30 days, jointly or severally, a sum of Rs.16,36,29,394/-(Rupees Sixteen Crores Thirty Six Lacs Twenty Nine Thousand Three Hundred Ninety Four only) as on 31.03.2022 together with pendentelite and future interest @1250% per annum with monthly rests from the date of filing of this O.A. till the date of realization along with costs from sale of pledge shares, failing which the aforesaid amount shall be recovered from the sale of movable and immovable property of the defendant.

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(II)^{The recovery certificate be issued forthwith and be sent} to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

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(III)^{Parties are directed to appear before Recovery Officer,} DRT I, Delhi on 27.02.2026.

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(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

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(GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 29.12.2025

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Idfc Bank Limited v. Talwarkars Club Systems Pvt. Ltd.

Case brief

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Idfc Bank Limited v. Talwarkars Club Systems Pvt. Ltd.

Case brief

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